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 * Trending Stories
 * National Comp
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 * Workers’ Comp Forum
 * Risk Matrix
 * Risk Central
 * The Profession

 * Sections
   * Critical Risks
   * Risk Management
   * The Insurance Industry
   * Claims & The Law
   * Workers’ Comp Forum
   * Risk Insiders
   * Sector Focus
   * .
   * Risk Central
   * Power Broker
   * Risk Matrix
   * The Profession
   * Risk Scenarios
   * Risk All Stars
   * Teddy Award
   * Sponsored Content
 * Magazine
   * Digital Issue
   * Issue Archive
   * Subscribe
 * Conferences
   * Ergo
   * National Comp
 * Advertise
 * Subscribe
 * More
   * Award Applications
   * Newsletters
   * &BrandStudio
   * Privacy Policy
   * About R&I
   * Contact Us

NEWSLETTERS

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RISK CENTRAL

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DIGITAL EDITION

Web replica of the print magazine.

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POWER BROKER



POWER BROKER OVERVIEW

Topics: Award Applications | Power Broker Application



What is a Power Broker?
Our goal is to broadly recognize and promote outstanding risk management and
customer service among the brokerage community. Therefore, we don’t select a
single winner but instead recognize four to six winners in different industry
categories.

Who selects the winners?
A Power Broker® is selected based upon the strength of client testimonials. Risk
& Insurance® editors and writers collect and choose the most compelling
testimonials based on the award criteria.

What criteria are used to select winners?
It is very important to note that Power Broker® is focused on recent
accomplishments. Certainly the below criteria could be demonstrated through the
arc of an entire career, but for this program we strive to highlight recent
challenges and solutions. This approach is utilized for the benefit of our
readers who most value learning about challenges and solutions to current
problems. The criteria are:

 * Risk Solution (50%): What specific challenge did a client face and how did
   the applicant/nominee solve that problem?
 * Customer Service (25%): Does the applicant/nominee demonstrate a commitment
   to primarily serve the interests of their clients?
 * Industry Knowledge (25%): Is the applicant/nominee committed to mastering the
   industry category they work in?

The focus is on the individual broker
Creativity and problem solving are critical success factors independent of firm
or account size. Therefore, neither the size of a broker’s firm nor the size of
an account is an important criteria for the Power Broker® program. We strongly
encourage all brokers to apply.

Nomination process
Applications/nominations (referred to below as simply “applications”) are
accepted from any source including a client, insurer, brokerage firm, service
provider or individual broker. In the interest of maintaining a level playing
field, Risk & Insurance® will accept no more than 100 Power Broker® applications
from any one firm or its subsidiaries. Since the client testimonial is most
important for judging, the source of the application does not impact an
applicant’s chance of winning.

We require an application form to be completed in order to capture profile
information, an overview of the problem/solution and client contact information.
Provide enough information to give our editors an overview of you and your
accomplishment but don’t feel compelled to write overly long responses. Think
concise and factual.

Important Note Regarding Confidentiality: We are very conscious of the sensitive
nature of the information provided. Client references listed on applications and
contacted by judges may choose to be on or off the record. This includes the
client name, company name and additional identifying information. All other
information on the application will be considered on-the-record unless specified
otherwise.

Judging process
Judges consisting of Risk & Insurance® editors and/or writers are appointed for
each industry category. All of the applications in a category are first reviewed
by the judges to provide an overview of the field and to ensure that the
applications are complete. Client references listed on the applications are then
contacted and interviewed.

A summary of the interview along with an evaluation form is completed by the
judge performing the interview. Once all interviews are complete, the judging
team meets to review all the interviews and evaluations. The four to six brokers
that received the strongest client referrals based on the award criteria are
named a Power Broker®.

Rising Star Designation



Power Broker® winners and finalists who are 40 years old or younger are
highlighted in the annual “Rising Star” section. Designees are determined based
on the DOB listed on the Power Broker® application. No additional application is
needed to apply for this designation.

Publication
Winners are first announced in the February print issue of Risk & Insurance®.
The information is also posted on the Risk & Insurance® website, eNewsletter,
web digital edition and iPad/iPhone Apps. A profile highlighting each Power
Broker’s accomplishments along with a head-shot is presented by industry
category.

Award Boxes
A few weeks after the winners are announced, each Power Broker® receives a box
with a copy of the print issue, an award plaque and additional information.

Download the 2022 Logo Usage Agreement and PR Statement.

2023 Application Deadline: October 21, 2022
2023 Winner Announcement Date: February 2023








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SPONSORED: LIBERTY MUTUAL INSURANCE



WHAT WILL IT TAKE FOR COMPANIES TO WITHSTAND TODAY’S GROWING ECONOMIC
VOLATILITY? LEANING INTO STRONG PARTNERSHIPS WITH INSURERS IS KEY

Though a potential global recession looms on the horizon, there is still much
risk management teams can do to chart a course forward.
By: Liberty Mutual Insurance | October 3, 2022

Each day brings news of heightened geopolitical tensions, record-level inflation
and extreme climate events that make it more challenging than ever for
businesses to envision, let alone plan, for the future.

The simultaneous convergence of multiple economic stressors is testing the
resiliency of businesses of every size: “We have never had inflation, recession,
pandemic, supply chain issues, social inflation and labor shortage all at the
same time,” Matthew Moore, executive vice president and president of
underwriting for Liberty Mutual Global Risk Solutions, said, reflecting on his
career in insurance.

As companies brace themselves for what U.S. Federal Reserve Chairman Jerome
Powell described as “some pain” that will surely come with the Fed’s efforts to
curb rising inflation, insurance can play a leading role in softening the blow.
Whether that means using insurance to free up capital for other uses, minimizing
liabilities, or just supporting the basic function of providing the stability
companies need to operate amidst uncertainty.

Just how much companies will have to alter their operations to weather the
storms ahead is difficult to forecast. But as the risk environment continues to
shift, meeting those challenges will require close collaboration and careful
planning.

“It has never been more important for brokers, buyers and carriers to work
together to develop smart solutions that strategically manage and mitigate
risk,” Moore said. “Insurance can offer solutions.”


CARRIERS TOO MAY EXPERIENCE CHANGE

Matthew Moore, Executive Vice President and President of Underwriting for
Liberty Mutual Global Risk Solutions

With the Federal Reserve announcing that it would raise interest rates by 75
basis points to a target range for the Federal Funds Rate of 3.0%-3.25% during
its September 2022 meeting, experts anticipate a slowdown of the U.S. economy.
These changes will alter the risk profile of many organizations, including
insurance carriers.

For starters, Moore said, insurance carriers may see less demand for insurance
as the economy slows down, which will likely decrease premiums.

“Commercial insurance lines face a potentially greater impact, as exposure bases
like payroll or sales can decline quickly, reducing premium and increasing the
risk,” Moore added. And while investment income for carriers may increase, their
risk tolerance within their portfolios may decline.

For example, carriers may reduce capacity in certain lines and industries based
on their vulnerabilities to market cycles. They can also be expected to want to
understand any operational changes in greater detail, Moore said.


RISING RISK PROFILES OF INSUREDS

“It’s important to understand that when companies make changes, there are
impacts to risks. We work with customers and brokers to help understand and
navigate that,” Moore said.

With potentially less capital flowing toward risk mitigation, loss controls,
workforce safety, good governance, and compliance in a stressed environment,
companies can expect carriers to scrutinize their programs.

Economic factors can also complicate other aspects of insurance, namely property
valuations. “Our North American property experts estimate that 75% of commercial
insureds are undervalued,” Moore explained.

“Inflation, labor shortage and supply chain issues all are driving property
replacement costs that are out of sync with valuations. That’s an unpleasant
surprise for any company after experiencing a loss,” he added. “A lot of these
issues are affecting the businesses themselves, too, further elevating the
overall risk profile.”

For that reason, it’s important to maintain trust and communication so companies
are not caught off guard and can work through challenges together.

“When recession hits and you have even less money to spend and you know the risk
environment has intensified, you need a strong relationship between the carrier,
broker, and risk manager to make sure insurance is giving real value.

“Some customers see insurance as transactional and miss value there. There’s a
lot that a carrier can offer to lower a company’s total cost of risk by thinking
holistically beyond the coverages. These tactics take on even greater importance
during times of uncertainty and recession,” Moore added.




LEVERAGE EVERYTHING INSURANCE HAS TO OFFER

This is where tapping into risk advisory services can be especially beneficial
to companies facing uncertain market conditions. “Insurance isn’t just a
once-a-year engagement at renewal, paid premium, [and] collect claims at some
point in time,” Moore said.

“It’s also the duty of an insurer to form a genuine partnership with a customer
to improve the risk environment. For insurers to deliver real value to the
customer when they most need it, the service, coverage, cost, terms, and
conditions must be tailored to a new reality.”

Risk control can be a powerful tool to empower risk managers, especially when
their budgets come under pressure. Prevention is worth twice the cure.
Partnering with a sophisticated team to identify the biggest loss drivers to
inform mitigation tactics can pay dividends.

When it comes to implementing these strategies, carriers can also be invaluable
in providing benchmarking data and learnings from similar businesses.

“You’ll see a lot of variation in what kinds of perspective carriers can offer
based on their industry expertise. But oftentimes, the value of data and
modeling services can go beyond the realms of one industry.

“It’s good for companies to know how they compare against their peers in their
industry, but also how they compare against other well-run companies,” Moore
said.


NOT ALL PARTNERSHIPS ARE EQUAL

As a mutual with over a hundred years of experience protecting companies across
industries and organizations of varying sizes, Liberty Mutual itself models the
resilience companies will be called on to demonstrate to endure market cycles of
this kind.

“We’ve seen this before, we’ve been through many recessions and other disruptive
events throughout our history,” Moore said.

“Because we’ve been around for a long time, it means our partnerships aren’t so
transactional. What do customers want? Access to the same team; that longevity
and consistency is valuable.”

As a mutual, Liberty Mutual is not subject to the equity markets in the way
others may be with a focus on quarterly profits, Moore added. Having access to a
broad product suite and supportive risk engineering capabilities certainly
doesn’t hurt either.

“There’s a lot to be said for breadth, scale and stability. We’re talking about
over a century of expertise in controlling risks, a global footprint, and
long-tenured teams,” Moore said.

“But above all, and this gets to the importance of relationships in this
industry and these market cycles, our customers know that we’re on this journey
with them. We’re all adapting to new risk realities, together. And when you have
trust and open communication, those tough conversations that may come up when
the chips are down go a lot smoother.”


CREATING A GAMEPLAN FOR UNCERTAINTY

Supply chain strains, labor challenges, climate disruptions and social inflation
aren’t going away anytime soon. Add to that the increased focus on
environmental, social and governance (ESG) commitments over the coming years.

Savvy risk managers will look to the power of their partnerships with carriers
and brokers to help them roll with the punches. As risk management teams
collaborate with their partners toward crafting bespoke solutions that address
fluctuations in the environment, four key priorities must remain at the
forefront:

 1. Given rapidly rising inflation, ensure coverages have been scaled and
    valuations remain current.
 2. Consider general risk management tactics that include risk control,
    transfer, and engineering.
 3. Use risk advisory and consultancy services provided by carriers to
    understand and implement best practices. This can help improve safety and
    lower costs.
 4. Maintain close communication with brokers and carriers throughout the year
    to avoid surprises at renewal.

“I think this is a time when the power of insurance will really come to bear for
individual companies and the global economy,” said Moore. “Recession may be the
next test for risk managers. But it’s far from the only challenge on the
horizon.”

To learn more, visit: https://business.libertymutual.com/






This article was produced by the R&I Brand Studio, a unit of the advertising
department of Risk & Insurance, in collaboration with Liberty Mutual Insurance.
The editorial staff of Risk & Insurance had no role in its preparation.

Liberty Mutual Insurance offers a wide range of insurance products and services,
including general liability, property, commercial automobile, excess casualty
and workers compensation.







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